Trump: Rich Would Pay the Same or MORE Under Tax ‘Reform’

(Fred Lucas, Daily Signal) The wealthy would pay the same individual income tax rate, or possibly see an increase, under his tax reform plan, President Donald Trump said Wednesday.

President Donald Trump photo

Photo by Gage Skidmore (CC)

He emphasized, however, a strong commitment to slashing the corporate tax rate, from the current rate of 39 percent to 15 percent, to make the United States more competitive internationally.

Trump held a bipartisan meeting with members of Congress in the Cabinet Room at the White House, where he talked about his tax reform proposal.

“The rich will not be gaining at all with this plan,” Trump said. “We’re looking for the middle class, and we’re looking for jobs. Jobs, meaning companies.

“So, we’re looking for the middle class, and we’re looking at jobs. I think the wealthy will be pretty much where they are,” Trump continued. “If we can do that, we’d like it. If they have to go higher, they’ll go higher, frankly. We’re looking at the middle class, and we’re looking at jobs.”

Trump does not have a specific tax reform plan as of yet, but has touted four broad principles of what he’d like it to include. Those principles for tax reform are simplifying the system to make it possible to file taxes on a single page, slash the corporate rate, middle-class tax relief, and bringing back revenue from companies that do business overseas and park their profits there.

RELATED: Dems Target One of Their Own for Supporting Tax Reform

House Minority Leader Nancy Pelosi, D-Calif., and Senate Minority Leader Charles Schumer, D-N.Y., were scheduled to come to dinner at the White House on Wednesday evening.

Trump answered a reporter’s question regarding conservatives’ and Republicans’ skepticism of his working with Schumer and Pelosi. This comes a week after he made a deal with the two Democratic leaders to increase the debt ceiling—the government’s borrowing limit—as part of an aid package for Hurricane Harvey.

“I’m a conservative, and I’ll tell you, I’m not skeptical. I think if we can do things in a bipartisan manner, that will be great,” Trump said. “If you look at some of the greatest legislation ever passed, it was passed on a bipartisan manner. So that’s why we’re going to give it a chance. If it works out, great; if it doesn’t work out, great. Hopefully, we’ll be able to do it anyway as Republicans.”

Trump is sticking with his pledge to reduce the corporate tax rate to 15 percent.

“We want a 15 percent rate because that would bring us low—not by any means the lowest, but it would bring us to a level where China and other countries are,” the president said. “We would be able to compete with anybody. Nobody would be able to touch us. So, we would like to see 15 percent.”

Republished with permission from The Daily Signal via iCopyright license

  • ImOffendedTreatMeSpecial

    Flat tax is the only fair tax.

    • Fed up!

      Fair Tax only true conservative tax plan. The rich would pay far more in taxes, they spend the most. Actually it’s a win win, the rich spend money on actual items, helping the middle incomes with jobs, government gets its still ransom taxes. If people would actually read and comprehend the Fair Tax bill, they jump on board.

    • Harry Pearson

      Actually, a flat tax is not fair, in that it takes more of a poor person’s income to pay for their basic needs. Example: Taxpayer A makes $20K/yr, and at a flat rate of 10% would pay $2 in taxes: Taxpayer B makes $400K/yr, only needs to spend $20 for basics, and would pay $2k in taxes. It is better to use a VAT (Value Added Tax) for all non-basic items, such as cars, investments, designer clothes, etc. That way, Taxpayer A would pay $0 in taxes while Taxpayer B would pay $38K in taxes, assuming the same 10% rate, and that Taxpayer B doesn’t put his money under his mattress. Very simple explanation, complex topic.

  • just care

    Taxes. Forget about it. I am a middle class citizen. I am proud to pay my taxes ( or at least used to be ) but if you give amnesty to daca I will not pay another dime. Why should I pay and have you give it away to illegals. Make up your mind Trump. Are you law and order? Or are you a schill for LA Raza?

  • Harry Pearson

    This is step in the right direction, however, only a step. We need to dump the entire tax code and start over again, and KISS (Keep It Simple, Stupid). We don’t need more than a dozen pages of tax code, versus the 100’s of thousands of pages we now have.

  • John

    Let’s see what this really looks like in the end. The goal is to spur the economy. It’s just that I remember when the left wanted to ” tax the rich” during George HW Bush’s term, the increased taxes on taught and other luxury items. The problem was that middle class workers who built yaghts were out of jobs soon as orders dried up.

  • Bill Harrison

    If you work for a living you will pay more.

    • Gregg Parker

      How will you pay more when your rate is less? Is that just nay saying or have you seen a bill crafted which will make your words true?

  • Walter Flatt

    IT SEEMS THAT TRUMP HAD TO CUT A DEAL TO GET THE WALL BUILT AND HIS TAX PLAN IN PLACE. AFTER ALL HE IS THE GREAT DEAL MAKER. HE STUCK IT TO THE STUPID HOUSE AND SENATE, THEY HAD CONTROL BUT DROPPED THE BALL.

    PRAY FOR TRUMP AND SHARE THIS WITH EVERYONE YOU CAN. I HAVE VERIFED THE CAMPS, IF YOU DONT BELIEVE, GOOGLE MUSLIM BROTHERHOOD TERROR CAMPS OF THE USA. WHAT THEY WILL NOT DO TO COVE THIS UP. PRAY FOR AMERICA.

    FROM A REGISTERED DEMOCRAT, A KOREAN WAR VET, AND A CHRISTIAN. I AM AN AMERICAN AND PROUDLY, I VOTED FOR TRUMP. I AM 86 AND HAVE NEVER SEEN A MORE QUALIFIED PERSON TO BE PRESIDENT.

    I CAN TAKE 100 WELL ARMED SOLDIERS THAT WANT TO KILL, AND TAKE ANY BASE IN 1 HOUR, OUR TROOPS NOT ARMED. BETTER ARM THEN NOW.

    TRUMP NEEDS TO FIRE EVERYONE CONNECTED TO THE DEMOCRATS AND REALLY INVESTIGATE THE REAL MUSLIM PROBLEM WE ARE FACING.

    PUBLIC LAW 414, PAGE 2, SECTION 212 WAS PASSED IN 1952 AND THIS LAW SHOULD BE ENFORCED. IT BANS ALL PEOPLE THAT ARE TRYING TO DESTROY US, THAT INCLUDE ALL MUSLIMS.

    5 CAMPS IN NORTH VA. CLOSE TO WASHINGTON, A MINIMUM OF 31 MORE CLOSE TO MILITARY BASES, AND A FEMA CAMP, (SOME STATES MORE), IN EVERY STATE. BUILT WITH TAX PAYER $. TO HOUSE MUSLIMS???

    READ THE QURAN, THEIR BIBLE. IF THE CAMPS IN N. VA. ARE TO TAKE DC. WE WILL HAVE A LOT OF HEADLESS POLITICIANS.

    COULD IT BE THAT OBAMA, AND ALL HIS APPOINTEES, SOROS, HILLIARY, KERRY, FORMER HEAD OF CIA AND FBI, SEVERAL SENATORS AND REPRESENTATIVES AND THE NEWS MEDIA, HAVE SET US UP FOR OBAMA TO LEAD A MUSLIM INVASION OF OUR COUNTRY? IF NOT,

    WHY TRY AND BUY UP ALL AMMO AND TAKE OUR GUNS. DID THEY GIVE THEM TO THE ONES BROUGHT IN?

    WHY ARE THE 5 MUSLIM CAMPS IN N. VA. JUST ACROSS THE LINE FROM DC???????

    WHY, WHILE IN OFFICE, DID HE SET HIS CABINET WITH MOSTLY MUSLIMS.

    WHY WAS HILLIARY’S TOP AIDE A RADICAL MUSLIM,

    WHY IS THE DEMOCRAT PARTY FOR A OPEN BORDER. COULD IT BE TO GET FREE DOPE, GOODGLE, THE NEW CLINTON CHRONICLES 2015 AND LISTEN TO IT ALL.

    WHY ARE ALL MUSLIM CAMPS CLOSE TO OUR MILITARY BASES? COULD IT BE FOR A TRY TO TAKE THEM?

    WHY, DID OBAMA SEND BILLIONS TO HIS MUSLIM FRIENDS. THERE ARE A LOT MOR WHY? THINK.

    THIS COUNTRY HAD BETTER WAKE UP QUICK.

  • Gregg Parker

    Fix the tax code by returning to the Constitution. Income tax is not permitted… end of story. Government raises taxes by imposing duty on items in and out. If they got out of our pockets for one year we could emerge so much more wealthy and prosperous. Then we would see we don’t need 1.5 million Federal employees to do things for us… Maybe 50 or 60 tops..